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Interest Rates Are Going Up – Are You Getting the Most From Your Savings Accounts?

TORONTO, February 16, 2011… RateSupermarket.ca, Canada’s go-to rate comparison website for personal finance products like mortgages, credit cards, GICs, and insurance, has added a new product to their offering – savings accounts. Now Canadian consumers can easily compare the best offers on high interest savings accounts from all the leading financial institutions, in just one search.

“With interest rates being so low over the past few years, many Canadians haven’t given their savings accounts a second thought,” says Kelvin Mangaroo, President of RateSupermarket.ca. “But now, with the economy improving and rate hikes on the horizon, more people will turn their attention to the interest rates they’re getting on their savings.”

The new comparison tool asks visitors to select their province and the savings amount, the results then show the best interest rates available from a range of providers including the major banks and trust companies. The side-by-side comparison allows visitors to compare interest rates, minimum deposits and fees. The savings account section also includes a guide and top tips to help visitors with their research, in addition to a handy savings calculator that enables Canadian consumers to easily estimate their potential savings based on different ongoing contributions, compounding periods and rates.

At a time when Canadians are starting to shift from taking on more debt to paying it down, and from spending money to saving money, this new savings account comparison can help consumers easily find the product that will make their savings work harder.

“It’s quite simple, if you do your research and compare the market, there’s a much greater chance you can jump start your savings.” says Mangaroo.

RateSupermarket.ca is the largest independent rate comparison service for personal finance products in Canada. Founded in May of 2008, their easy to use comparison engines provides much needed transparency to the Canadian financial market and allows visitors to quickly find the best rates. Over 1M Canadians have turned to RateSupermarket.ca to save money on their mortgage, insurance, credit cards and GICs.